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VERY SHORT RUN, MICROECONOMICS: A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.
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BUSINESS CYCLES The recurring, but irregular, expansions and contractions of economic activity in the macroeconomy. While business cycles are frequently measured by real gross domestic product, they show up in many aggregate measures of economic activity, including the unemployment rate, the inflation rate, consumption expenditures, and tax collections, to name just a few. The study of macroeconomics is largely the study of business cycles. Macroeconomic theories seek to understand business cycles and macroeconomic policies seek to correct the problems of business cycles.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for infected paper cuts.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. " -- Isaac Newton, mathematician, physicist
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AFRA
Average Freight Rate Assessment
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